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20130108
20130108
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CNBC 6
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KRCB (PBS) 2
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Search Results 0 to 19 of about 20 (some duplicates have been removed)
. how likely is it that you can solve this debt ceiling issue and also, also save some money, which i know you want to do? >> well, that will come to depend upon everyone coming to the table and getting a chance to work on it. we have, as you know, as senate the things one thing about spending in a house that think something different. until we can get them on the same pace mmx a tough. the senate has not passed a budget for years. makes it difficult to do budget agreements. one side says we're going to put it through committee or do anything. the deal is, we have to get to the table, and our hope is in the days at the senate will come to the table, put out a budget and get it done. gerri: congressman, tell me where you want to save. can you be specific? >> you take everything that changed in 2007. we spent a trillion more per year and we did in 2007, and that is not on any one item. you take each one of those, a little bit of time. why has increased this much and just five years time. in fact, if we took 2007 and just inflation-adjusted every single year for normal increases we would
doesn't do it. >> we have go different issues. one is the debt ceiling. the second is the sequester. doug is right, debt ceiling expiring doesn't automatically cut spending but the sequester does. cuts across the board manner, social security, medicare and medicaid are exempted. deep cuts into the military and discretionary spending will go into effect. those things will happen simultaneously and force people back into the bargaining table to come up with at least a temporary patch. melissa: solving the problem in the long run is the real problem we have. governor, how do we deal with that? this is fundamental disagreement between two groups of people one side believes the government should get larger and have a bigger role and needs more revenue to do that the other side thinks we need to shrink government. those are so diametrically opposed points of view. i don't know how even though we're at this crisis point how do you resolve that fundamentally different point of view? >> well, look that different point of view has been going on since, you know, ham milt ton and -- hamilton an
, present more in just a couple of minutes of time. >>> as the debt ceiling issue plays out in washington, new research suggests the u.s. government could run out of resource toes meet all of its financial obligations as early as february 15th. we know we've hit the debt ceiling, but we're going to run out of time to stresh that. mid february. what's your take on all this? >> i haven't followed closely what maneuvers timothy geithner can use to extend the debt ceiling by the way the u.s. government can extend it in the past is simply not pay its bills. so any sort of cash reserves you'll have to replenish later. whether february 15th is the absolute deadline and whether the treasury department can squeeze it further i think it can probably get to the end of the month of february. >> what's the real significance of this event for the global economy? >> well, the worst scenario, of course, would be that everything koms comes grind to go a halt, the u.s. government acan't pay its bills because congress cannot agree on a deal and all this process takes place as it was in the battle between cl
with the debt problem, debt ceiling issue by coining a trillion dollar platinum coin, which is-- >> i kind of like that one. >> yeah, that's what-- i just, i did a little research before coming on with you, megyn to see what's the value -- what kind of real value would have a platinum coin have and the government did for a period of time mint some platinum coins including a one ounce coin that sold for about $1800. if a one ounce coin is worth $1800, the united states doesn't have a trillion dollar worth of platinum to convert into a giant coin, it would have to take a coin worth less than $2,000 and what, sprinkle fairy dust on it and say this is a trillion dollar coin and then try to deposit it with the fed and try to borrow against it, that would be the idea. >> megyn: no more ridiculous than some of the other things we've seen out of the beltway. >> no more ridiculous than some things, but in the end i think these ideas are basically nutty. >> megyn: this whole thing is an argument over that we've seen before between the president and house republicans, are we going to do anything abou
. this morning i attended a briefing by the bipartisan policy on the debt ceiling. they did amazing work on this issue and really got into the weeds on it more than anyone i have seen before. they looked at how many checks the government sends out a month. how the payment software works, and i want to tell you, and maybe congressman salmon five of the things they had. because after you hear this you wouldn't want to bust for the debt ceiling, they project right now that the debt ceiling doomsday, really the final day for it would happen sometime between february 15th, and march one. either congress figures out the debt ceiling before then or things get very bad, real quick. first it means the federal government will have to default on 40% of our obligations, 40% of what we do will be gone. let's say they make decisions on medicaid, medicare, defense, food stamps, kind of just the bare services there. doing all that will mean defaulting on everything, and really i mean everything else. the fbi will shut down, people responsible for tracking down loose nuclear weapons, the court system clo
authority to issue platinum coins so long as that bill also does away with the debt ceiling. that seems fair, you get rid of one dumb thing and get rid of another. so i should probably now give you my strong, stirring, totally difinitive conclusion, but i'm kind of torn. if obama proposes to mint the coin, then the issue will immediately cease to be the republican's dangerous and irresponsible and really historically unprecedented threats to breach the debt ceiling. and it will instead become obama's threat to mint a trillion dollar coin which will strike many as not a
environment. there are still plenty of people who think the debt ceiling issues could be a debacle. february 15th, a little earlier than expected, a lot of people floating ideas that moody's might downgrade the u.s. debt sometime this quarter, if there's no grand bargain that ever appears, and that looks increasingly unlikely. i'm in the camp that the risk is to the down side on the stock market right now. earnings today, as you just mentioned here, look, the question has been whether or not putry was the trough in earnings that things would get better from here. it's going to be modest improvement. q4 isn't looking that great. we're only looking at roughly 3% improvement in earnings. that's not great. top line growth has been nonexistent throughout last year. q3 top line growth was zero. zero. we haven't seen that in a long time. you want to know how weird that is? the ten-year eenaverage is 7%. maybe it will be 3%. that's the hope. it's coming down as we're going in. so we may be at a trough in the third quarter, but the fourth quarter certainly isn't going to be gangbusters right now here
about the debt ceiling and one issue we've not talked about on this show yet is what i think is a crazy idea, but i think you know where i'm going with this about this platinum coin that everybody is talk about. about whether the treasuries get over the debt ceiling, can actually mint a platinum coin worth $1 trillion and call it a day. but i feel like it's getting transaction in weird places. >> well, among politicians, so there's your point. look, here is a couple problems i have with it. one is that the fed is not allowed to buy platinum. so how does the money get created? the government can print whatever it wants on any coin it wants. it's a clever idea. gold coins work and the amount of gold is more than ta face value so you never sell it at face value. so you would have to have a coin that would be worth more than $1 trillion after you melt et down and -- >> but would that convince anybody that we have any situation on what's going on and we've managed it? >> absolutely not. and the person who came up with this idea would be the first to say that. >> who came up with it? >> i don
of the fiscal cliff. because the default, if nothing happens, is that the debt ceiling is not raised. what that means it doesn't mean, as some who would demagogue this issue suggest, i doesn't mean a default on our debt. whatnot raising the debt ceiling would mean is a partial government shutdown. roughly 40 cents of every dollar the federal government spends is borrowed. if you don't raise the debt ceiling, that 40 cents is temporarily stopped. now we did that in 1995. we didn't default on our debt. >> woodruff: right. the result was balanced budgets and some of the greatest fiscal responsibility was seen we've seen in modern times from congress because fiscal conservatives stood together and said we need to be responsible. >> woodruff: let me ask you about a couple of other issues. that is guns. you're a long-time proponent of gun rights. you're the father of two young girls ages 4 and 2. after those terrible shootings at that h elementary school in connecticut, have you changed your views at all on how available guns should be especially the high-capacity rifles? >> i think every parent
is going to happen on the debt ceiling side because the whole debate around it is more damaging than resolving the whole thing, right? >> right. >> it's almost like any solution is better than continuing to have a debate and moving it out every two months. >> right. >> and then having 24 hours, seven days a week the news media filled with it. this will kill everybody's economics. >> pleasure having you shown the show. back with our guests now. gentlemen, what about that? we have now heard from alcoa. what kind of expectations do you have, mark newton, in terms of earnings for the fourth quarter, and does this tell us anything about what to expect from the s&p 5 hundred in terms of fourth-quarter numbers? >> well, i think they can be bit are a subdued and people have been taking down earnings estimates for quite some time and a lot of companies have begun to prepare for this, for obama care and this and that in the fourth quarter. the bottom line is it technically the market still acts quite well. we've seen -- four of the ten sectors needed some highs so the last couple of days of co
, a number of issues going on, gun control, the debt ceiling debate, immigration reform, another issue. you've been very outspoken on it. it will come up in the next few months hopefully. the way you talk about immigration, mr. mayor, the whole debate about immigration reform is on the scales of what kind of burden does immigration pose to the country, how do we manage the burden. you said, it's not a burden. a jolt to our economy. >> most knowledgeable people would agree immigrants create jobs here. immigrants are a thousand times more likely to have a business, don't take away jobs, create jobs. seasonal workers take jobs from nobody and do things americans won't do and create jobs down the road. the economic benefits of having immigrants around the world, the countries starting to eat our lunch doing it because they want immigrants and we are trying to keep them out. the issue where it gets controversial, family reunification, you're here an want to bring your family over. the family reunification people are trying to hold the economic immigration changes hostage until they get some of t
for a second, wheng we get through the debt ceiling debate, is there something that feels like a pro-growth agenda? are we going to have the issues under control? is it enough to get businesses confident in the future? and i think when we get through this, we'll be left with a 2% economy, 4% earnings growth, and it's going to be okay, but uninspiring. >> 4%, 5% earnings growth, plus 2% for dividends, that's not a bad year for the s&p. it'll get you to 1,550? >> we are in a mid single digit equities environment. it's not horrible as long as you're not expecting something that's, you know, that's 10%. >> look at some of these releases. i'm very impressed with the isms for services. very impressed with capital goods, factory order spending, factories isms, even the employment report showed good hours worked in income. are we underestimating the economy? forget washington, put that aside. >> are you underestimating the economy? it'll be 3% instead of 2%? >> it could be. let's put it this way. if you look, for example, at the cbo budget numbers, they are looking for this thing to get to 3
'm not as worried about the debt ceiling as many others because everyone else is worried about it. good news. we got news, the big banks reached a settlement on the morning put-back issue with. fannie mae forking over $6.5 billion and selling back mortgages to fannie. and the problem gets put to bed. no more spending huge sums on legal bills, at least of the major ones i believe. no risks that make investors terrified to go to bed with this stock in their portfolio. and bank of america sold $200 billion in troublesome, i think, mortgage service rights to nationstar mortgage. the rights are confusing. suffice to say it was good for everybody. they sold these assets, and it's good for nsm and for bank of america. sure, all of the big banks and especially bank of america have run a lot lately. these stocks are still well off their all-time highs, and actually well off the highs of a couple of years ago. and i think as things get better in 2013, as people realize that so many of the worries that have held the banks down for so long are now in the past, these stocks will continue to climb higher. the sec
way too much. >> no. he is exactly -- remember the last debt ceiling agreement 16 months ago. two days after the law passed we got downgraded on our credit rating. a week after the bill had passed the market dropped 1323 points. the super-committee which was supposed to identify spending reductions fell apart like many of us thought it would and the scheduled cuts in the last agreement which were supposed to take place were just suspended and postponed five days ago in the fiscal cliff agreement. now it is time to raise the debt ceiling again and we have yet to cut one dime from the last agreement. spending is the problem we have to address that problem. bill: now democrats have shown their hand a little bit where they are on this issue for the next round, the next debate. where are republicans when it comes to spending? >> well, we have laid out several plans. we have done a budget in the house that actually gets to balance. the senate hasn't even done a budget in three years. one of the things i think we should require, okay, senate, before we increase the borrowing authority of this
the u.s. has rarely had a surplus. the debt ceiling law was established to give treasury the flexibility to borrow chunk of money without going to congress to get approval every time a law was passed. it had nothing to do with spending control or debt control. it was a technicality, most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. but republicans seem to think the debt ceiling is a good tool to limit how much the government spends. the current ceiling was officially hit on december 31st, but like last time, the u.s. treasury is using extraordinary measures to get through until about mid or late february. if congress doesn't act by then, government may not be able to pay some of its bills, as simple as that. rush, i hope you're taking notes. that's it for me. i'm out. same time tomorrow. you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-u
had before. they will not negotiate over the debt ceiling. this has led some republicans and some outside groups as well to advocate whether the congress would try to consolidate this issue on their own. using what they call regular order. i think what they mean by that as congress should go ahead and pass the budget resolution, have that resolution contain reconciliation constructions which is a fancy phrase for having them tell different committees, as revenues to raise our how much to slow down the growth of spending and maybe to put something horrible in it that will happen if they do not follow through. we saw how all that worked with the super committee. there are two basic problems with this approach. there is not enough time. the contemporarily raise the debt limit. this would be extreme. even if they give themselves more time, congress as a whole cannot pass a budget resolution unless both the house in the senate passed their home and the senate has not done that for a number of years. it would be even harder for them now. the one thing the deal did was to pick be lowest
to raise the debt ceiling. those two are really tied together, why would you not agree to that? >> right now is not the time to cut spending dramatically. we are faced with a struggling economy, a struggling recovery and every bit of government spending you can't comes out of the economy. if we hit the debt ceiling february 15th, the same bipartisan policy center report said we would basically take one month time, $165 billion out of the economy. that is 10% of gdp in one month. that would send the economy back into recession, unemployment would skyrocket again, we would be far worse off. we need a balanced approach to deficit reduction. we started on that track and need to continue. ashley: congressman ron, responded you can. >> my good friend is totally wrong. it is not government spending that will stimulate the economy. we need to leave those dollars in the hands of job producers and family businesses, the hands of consumers instead of sending it to the federal government in washington d.c.. we have to cut spending. the american people want us to deal with this issue right now. $16.4
Search Results 0 to 19 of about 20 (some duplicates have been removed)